Argentina may pay Spanish energy company Repsol SA (OTCMKTS:REPYY) $5 billion in compensation for the country’s takeover of the energy company’s majority stake in YPF SA (NYSE:YPF) and its holdings in unconventional oil and gas fields, a source close to the deal said Tuesday.
Repsol would receive the money in Argentine bonds, the majority denominated in U.S. dollars. In return, the Spanish energy company would drop legal action against Argentina for taking control of its YPF stake in 2012 without payment, according to the Associated Press. Repsol's board will review the terms of proposal Wednesday.
The Spanish company owned 51 percent in YPF and was suing Argentina for the $10.5 billion in compensation.
Repsol (REPYY) Could Receive $5 Billion In Compensation From Argentina
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